Healthcare IT Market – Major Revenue Surge is Expected in Near Future

Research Methodologies Adopted by Them:

Primary Research

The healthcare IT market comprises several stakeholders such as hospitals (small, mid-size, and large hospitals), ambulatory centers, diagnostic centers, TPAs, and stakeholders in corporate & government bodies. Primary sources from the supply side, including CEOs, vice presidents, marketing and sales directors, business development managers, technology and innovation directors of healthcare IT developing companies, suppliers, and distributors, have been considered.

Demand-side primary sources include industry experts such as directors of hospitals and clinics, hospital & clinic managers, physicians, research scientists, and related key opinion leaders.

Secondary Research

In the secondary research process, various secondary sources such as annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles by recognized authors; trade directories; and databases such as D&B Hoovers and Bloomberg Business week were referred to identify and collect information for this study.

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Overview of This Research:

This study involved four major activities in estimating the current size of the healthcare IT market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. 

The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the sizes of segments and subsegments.

Expected Surge in Revenue:

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period. The demand for healthcare IT solutions and services is driven by government mandates & support for healthcare IT solutions, rising use of big data in healthcare, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs.

Recent Developments:

In 2019, Philips launched Cares Aging & Caregiving service.

In 2018, Change Healthcare  launched Dx Gap Advisor.

In 2017, Optum acquired DaVita Medical Group (US). The acquisition of DaVita enhanced Optum’s physician-led primary, specialty, in-home, and surgery-care delivery services business.

In 2017, Cognizant acquired TMG Health (US) to expand its business process-as-a-service solutions for government and public health programs.

In 2018, Optum collaborated with Humana (US), MultiPlan (US)  and Quest Diagnostics (US) to form a group to explore the blockchain technology to improve data quality and reduce administrative costs in healthcare.

“North America dominated the Healthcare IT market in 2018”

The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018. The large share of this region can be attributed to the technological competencies of healthcare industry and presence of well-established healthcare IT infrastructure in this regions. Changing regulatory requirements for improving quality of healthcare and increasing patient safety and rising healthcare expenditures are some of the key factors driving the growth of the healthcare IT market in North America.

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Key Questions Addressed in the Report:

Who are the top 10 players operating in the healthcare IT market?
What are the driving factors, restraints, opportunities, and challenges in the market?
What are the industry trends as well as the current scenario in the healthcare IT market?
What are the growth trends in the market at the segmental and overall market levels?

Global Leaders:

Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).